In the next two years, we will see an improvement in the terms of trade with Western markets; meanwhile exports to Russia have already started to recover. Household consumption, backed by a rapid rise in minimum and overall real wages, continues to be the strongest driver of economic activity in Estonia. Moreover, an upswing in public investments should also speed up economic activity in the short run. GDP growth is projected to rise: from 2.2% in 2017 to 2.3% in 2018 and 2.4% in 2019.

map Estonia
Main Economic Indicators201420152016201720182019
Population, 1000 persons.131513151315...
GDP, real change in %
GDP per capita (EUR at PPP)209002160022200...
Gross industrial production, real change in %
Unemployment rate - LFS, in %, average7.
Average gross monthly wages, EUR100510651150...
Consumer prices, % p.a.
Fiscal balance in % of GDP0.70.10.3...
Public debt in % of GDP10.710.19.5...
Current account in % of GDP0.
FDI inflow, EUR mn1252-597641...
Gross external debt in % of GDP96.794.892.8...

Basic data are continuously updated.

* Forecasts are changed beginning of March, July and November.
See Press Conferences.


ESTONIA: Public investment and private consumption will drive growth

Sebastian Leitner
in: Cautious Upturn in CESEE: Haunted by the Spectre of Uncertainty
wiiw Forecast Report No. Spring 2017, , pp. 69-71
Details and Buy


Monthly Report No. 7-8/2016

Vasily Astrov, Serkan Çiçek, Rumen Dobrinsky, Vladimir Gligorov, Doris Hanzl-Weiss, Peter Havlik, Mario Holzner, Gabor Hunya, Simona Jokubauskaite, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Leon Podkaminer, Sandor Richter and Hermine Vidovic
wiiw Monthly Report No. 7-8,
25 pages including 1 Table and 1 Figure